Leinster Lithium Project
Reasons for Acquisition
1. Geopolitical- excellent in Ireland
2. Amenable weather for year round development
3. Gangfeng investing significantly nearby in a highly prospective JV with ILC
4. Significantly higher grades than nearby Gangfeng/ILC in stream sediments, similar grades in soil samples. Stream sediment assays mostly in the 125-1000ppm range vs 60-120ppm range for Gangfeng/ILC assays.
5. Visible spodumene in several areas and visible spodumene crystals in one prospective area that appears to be at least a few hundred metres long.
6. Land base much larger than ILC
7. Low capital commitment in the early stages, particularly the DD period up to the end of 2019.
Options - North Leinster Lithium Project
CA signed with Aurum (Little Red Hen Resources-LRHR) covering two areas targeted in a recent Li prospecting program near Dublin, Ireland.
REZ pays €10,000 on signing of option agreement.
REZ has until Dec 2019 to spend a minimum of €40,000 on due diligence/field work
1st Option: After this DD period REZ can earn 51% equity in the PROJECT by spending €1,000,000 within 3 years, €500,000 spent in the first year
REZ will make a €50,000 payment in cash or shares within 10 business of moving forward with option 1
2nd Option: REZ can earn a further 24% interest (for a cumulative 75% interest in total) by spending a further €2,000,000 within 4 years of DD and paying €200,000 in cash or shares within 10 business days of exercising the 2nd Option.
3rd Option: At any time while the 2nd Option Earn-In is in good standing, REDZONE can earn a further 15% interest (for a cumulative 90% interest in total) in the PROJECT (the “3rd Option Earn-In”) by completing a preliminary economic assessment on the PROJECT, and by paying €500,000 in cash or shares within 10 business days of exercising the 3rd Option Earn-In.
Should REZ’s ownership exceed 90%, the project will become subject to a 2% royalty which 1% can be bought back for €1,000,000
District Geology & Mineralization
Target areas along the west margin of the 405 Ma Leinster Massif Regional stream sediment surveys show anomalous Li in the target area with samples up to 501 ppm
Work confirmed the presence of pegmatites and aplites with anomalous lithium values in the northern and northeastern part of the massif.
Anomalous pegmatites and aplites occur along the eastern and southern margin of the Upper Liffey Valley Pluton (granite) where it is in contact with Ordovician schist.
Project Area Geology
Regional Sampling Soil
Pollaphuca Reservoir Area LRHR Rock Sampling
Proposed Work – Due Diligence Period
Further boulder and outcrop prospecting/geological mapping
Orientation soil survey: Partial leach (MMI, Enzyme Leach) + standard aqua regia digestion on B-horizon soils
Orientation geophysics (Mag, Radiometrics)
Detailed soil surveys +/- geophysics over anomalous areas identified from prospecting
Trenching of anomalies if warranted